The company’s stock plummeted over 17%, or about $2.50, to $12.60 in after-hours trading, after it missed Wall Street’s expectations. Its stock has not traded above its initial public offering price since July 7.

If you recall, Facebook attempted to buy Snapchat for $3 billion (R42 billion) in 2013, but was “rebuffed by founder and CEO Evan Spiegel who seemed to believe that he could build a bussiness the could compete toe-to-toe with the blue giant”:

In the intervening years, Facebook has tried time and again to mimic multiple functions of Snapchat’s in standalone apps, but never found much success. That was, until it outright copied Snapchat’s Stories structure for its own apps.

Last year, Facebook put out a near-identical feature, allowing users to post short videos or images with filters and geolocations to their friends, or on their social networks that disappear after 24 hours, into Instagram, WhatsApp, Facebook Messenger, and Facebook itself. Instagram’s version now has over 300 million daily users, nearly double the 178 million users Snapchat has in its entire app.